This week, the mystery shopper visits Northamptonshire. The shopper is calling on behalf of her 63-year-old mother who has a final salary pension scheme and is looking to do a defined benefit transfer.
Adviser: All Saints Financial (independent)
Address: 44 Reynard Way, Northamptonshire, Northampton NN2 8QX
Speed of response: 12.15pm. One ring and call answered by the adviser. 5/5
Telephone manner: Friendly. 5/5
Relevant qualifications: DipFA with access to pension specialist transfer colleague with G60 qualification. 5/5
Payment method: To do analysis and report will cost £1,500. If transfer is done, a fee of 1 per cent of the transfer value. 5/5
Guidance: The adviser said that when he analyses the shopper’s situation it may not be in her best interests, depending on certain circumstances. 4/5
Knowledge: The adviser sounded fairly knowledgeable but the shopper would have liked a bit more information on what is considered when looking at a DB transfer. 4/5
Website: www.allsaints.agency
Email: rob@allsaints.agency 5/5
Verdict: The adviser was helpful and friendly and behaved in a professional manner.
33/35
Adviser: The Independent Life and Pensions Group (independent)
Address: 3 Adelaide House, Corbygate Business Park, Priors Haw Road, Corby, Northants NN17 5JG
Speed of response: 12.25pm. One ring and transferred to adviser by receptionist. 5/5
Telephone manner: Helpful and friendly. 5/5
Relevant qualifications: Pension transfer specialist. 5/5
Payment method: Fee for analysis is £935. Subsequent fee to do transfer would depend on the outcome of meetings and analysis report. 4/5
Guidance: Adviser said that typically an individual should only do a final salary transfer in special circumstances because once done it cannot be reversed and because of the loss of the guaranteed income. Doing the analysis would involve looking at her mother’s retirement plans as well as her scheme information. 5/5
Knowledge: The adviser sounded very knowledgeable about DB transfers and explained the process he would undertake in a detailed and simple way. 5/5
Website: wwww.llpg.co.uk
Email: joe@llpg.co.uk 5/5
Verdict: Shopper’s Choice. The adviser spoke in a lot of detail and was able to explain DB transfers in an uncomplicated manner.
34/35
Adviser: Curo Wealth (independent)
Address: Preston Lodge Court, Houghton Road, Northampton NN7 2DS
Speed of response: 12.35pm. One ring and transferred to adviser. 5/5
Telephone manner: Helpful and friendly. 5/5
Relevant qualifications: Diploma in investment planning with access to pension transfer specialists. 4/5
Payment method: Fees to be discussed at a subsequent meeting. Shopper asked more than once for the information but adviser was reluctant to give it. 2/5
Guidance: The adviser explained guaranteed benefits that come with staying in a DB scheme compared with the risks of transferring the money and having it invested. The mother’s financial circumstances would be assessed against the transfer value to ascertain if it would be in her best interest. 5/5
Knowledge: The adviser sounded very knowledgeable, explaining the factors he would consider. He also explained the benefits if she were to stick with DB. 5/5
Website: www.curowealth.com
Email: paul@curowealth.com 5/5
Verdict: The adviser was very knowledgeable about what the DB transfer entailed and explained the pros and cons of her mother doing the transfer or staying put.
31/35
Adviser: Robert Bruce Associates (independent)
Address: 73 St Leonards Road, Northampton, Northants NN4 8DN
Speed of response: 1.05pm. Two rings and transferred to an adviser. 5/5
Telephone manner: Friendly and helpful. 5/5
Relevant qualifications: Pension transfer specialist. 5/5
Payment method: Fee charged will depend on the work done. 3/5
Guidance: The adviser explained the scheme provider would be able to offer a transfer value that is a figure of how much will be paid to her mother for the rest of her life. With the cash equivalent her mother could buy another pension for life – she could buy an annuity, guaranteed income or a drawdown, which means the amount is invested. 4/5
Knowledge: The adviser explained the pros and cons of a DB transfer in a lot of detail. He also explained the difference between an annuity and drawdown. 5/5
Website: www.rbaifa.co.uk
Email: andrew.frankland@rbaifa.co.uk 5/5
Verdict: The adviser was very helpful and spoke with a lot of knowledge about final salary transfers and the process involved.
32/35
